A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings.

Are they requiring a minimum DSCR of 1.25x or 1.30x as well?

p.s. thank you @ScottTrench for your guidance as well!

She is from and still has family in Peoria, IL and her family owns a flooring business, and is well connected in the housing maintenance community in Greater Peoria.

Well anyone can write anything into a contract, but whether it is legal and enforceable is for the courts to decide...It is State law here that a contractor must call 811 or they are liable for the costs.

Cap rate is about 5.5%, but cash flow is less than 100 USD per month.The TK provider is well known here on BP, and they are known to have a decent tenant management.

yes create the addendum but realize the tenant who has been paying could ask to be reimbursed for these costs as well as not accept the addendum.

The income of a property manager is dependent on whether you property is filled with tenants as well. 

Looking to learn more about seller financing, the art of the deal as well as connecting with like minded investors in Chicago and beyond!

And while short-term rentals are the big draw here, there’s also growing demand for mid-term rentals from snowbirds and traveling professionals, as well as long-term housing for the increasing number of permanent residents.Yes, higher interest rates are a factor, but the strong rental demand in the Panhandle often helps offset those costs.